There’s A Dip! Quick, Buy That F**ker!

Dip buyers assemble!

Something snapped as Nasdaq futs fell…

nq

The VIX spiked (“all” the way to 10.4)…

VIX

And the dollar dipped…

Dollar

Who knows, but it did coincide with the first comments from this bit of political banter hitting the wires (via Bloomberg):

The current tax code is “overly complex,” and Congress has an opportunity to fundamentally rethink it, Senate Majority Leader Mitch McConnell says in opening floor comments.

  • Says he expects bill to move through committees this fall through regular order with participation from Democrats and Republicans; bill will then get consideration on House and Senate floor
  • McConnell says there is still more work to be done on nominees before the Senate breaks for recess
  • Senate Democratic leader Chuck Schumer says McConnell’s use of the reconciliation process to advance tax reform will shut out Democrats and close the door on bipartisanship
    • Says he fears Republicans’ main goal is to cut taxes for the wealthiest
  • Separately, Schumer says Democrats will outline principles on trade policy later this morning
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